Silver Price Analysis: XAG/USD bulls stay hopeful below $23.00

Silver remains on the recovery mode, reversing late Friday’s pullback.
Sustained break of 100-SMA, firmer RSI favor bulls.
Three-week-old horizontal area, 200-SMA become strong resistances to watch.

Anil Panchal FXStreet

Silver (XAG/USD) begins the trading week with an uptick to near $22.70. The bright metal poked the highest levels since mid-September the previous day before easing from $23.20.

Even so, the quote’s ability to stay beyond the 100-SMA amid firmer RSI conditions helps the commodity buyers to stay hopeful.

However, a short-term horizontal area precedes the 200-SMA, respectively around $23.15-25, to challenge the XAG/USD bulls before giving them controls.

Following that, $24.00 and $24.30 may probe the upside momentum prior to highlighting the last month’s peak near $24.85.

Meanwhile, pullback moves remain less destructive until silver prices remain beyond the 100-SMA level of $22.47.

Also acting as the downside filter is the previous resistance line from September 07, near $21.80 by the press time.

Silver: Four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	22.67
Today Daily Change	0.00
Today Daily Change %	-0.00%
Today daily open	22.67

Trends
Daily SMA20	22.68
Daily SMA50	23.49
Daily SMA100	24.99
Daily SMA200	25.64

Levels
Previous Daily High	23.19
Previous Daily Low	22.44
Previous Weekly High	23.19
Previous Weekly Low	22.21
Previous Monthly High	24.87
Previous Monthly Low	21.42
Daily Fibonacci 38.2%	22.9
Daily Fibonacci 61.8%	22.72
Daily Pivot Point S1	22.34
Daily Pivot Point S2	22.01
Daily Pivot Point S3	21.59
Daily Pivot Point R1	23.1
Daily Pivot Point R2	23.52
Daily Pivot Point R3	23.85

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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